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[Business Insider] Nike is laying off staff and announces a $790 million loss in its latest quarter

Discussion in 'BBS Hangout: Debate & Discussion' started by Os Trigonum, Jun 28, 2020.

  1. Os Trigonum

    Os Trigonum Contributing Member
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    https://www.businessinsider.com/nike-laying-off-staff-after-losing-790-million-in-q4-2020-6

    Nike is laying off staff and announces a $790 million loss in its latest quarterly earnings
    Shoshy Ciment
    Jun 26, 2020, 9:42 AM

    Nike is laying off some of its staff, the company confirmed to Business Insider.

    CEO John Donahoe announced the layoffs — expected to occur in phases, starting in July — in a companywide email on Thursday. The email, which Complex saw, did not specify how many employees and which departments would be affected but mentioned that workers at Nike's retail stores, distribution centers, and manufacturing facilities were not expected to be among those laid off.

    Donahoe said the layoffs were not related to the pandemic or costs but described them as an effort to restructure the "overburdened matrix" of the company, according to Complex.

    Nike told Business Insider that any money saved would be "reinvested" in the company.

    "Consumer Direct Acceleration is the next digitally empowered phase of our strategy," Nike said in a statement. "We are building a flatter, nimbler company and transforming Nike faster to define the marketplace of the future. We are shifting resources and creating capacity to reinvest in our highest potential areas, and we anticipate our realignment will likely result in a net loss of jobs."

    The announcement came shortly after Nike reported a net loss of $790 million in the fourth quarter, partly the result of the COVID-19 pandemic's impact on stores across North America.

    "These decisions are exceptionally difficult because they impact friends and colleagues at Nike," Donahoe wrote in the email, according to Complex. "You have my personal commitment that we will put people at the center throughout this entire process. We will support everyone impacted by this transition."

    In its statement to Business Insider, Nike said, "We are committed to showing compassion and respect for our transitioning employees through thoughtful and robust severance practices, consistent with our company values, our legal obligations, the competitive marketplace and individual employee situations."
     
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  2. subtomic

    subtomic Contributing Member

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    What is there to debate here? I’m asking in all seriousness.
     
  3. Buck Turgidson

    Buck Turgidson Mineshaft Enthusiast

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    Nike is a sh!tty predatory company. (there, done)

    I feel badly for the affected workers, but it sounds like most of those will be management-types. Also, it's amazing how much corporate MBA-gibberish-talk the CEO crammed into one press release.
     
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  4. MexAmercnMoose

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    OP prob wants to relate it to BLM or something....the start of 2q earnings this week for all companies will be interesting, there's going to be a lot of bad news...lets see what the stock market does
     
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  5. Corrosion

    Corrosion Member

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    My expectations are the earnings reports create a significant drop in stock values followed by a response from the Fed that pushes those values back up ....

    The middle class eats the losses and foots the bill while the Wall street fat cats profit again.
     
  6. MexAmercnMoose

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    maybe, but wall st is pissed off at the millenials that beat them at the current stock market mini-ruin after March....best believe they're gonna want to short us...also if wall st loses confidence in DJT cuz hes an idiot, they might pull the plug before the election....but you might be right, NEVER FIGHT THE FED
     
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  7. KingCheetah

    KingCheetah Contributing Member

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    'The Last Dance' wasn't as popular as originally thought.
     
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  8. Os Trigonum

    Os Trigonum Contributing Member
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    honestly I think if Nike hadn't let JLin go, they would be absolutely raking in the yuan

    amirite @tinman ?
     
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  9. Ziggy

    Ziggy Tastemaker
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    Still cant get new 1's on the SNKRS app though.
     
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  10. tinman

    tinman Contributing Member
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    Yeah one of Portland’s best playoff performers
     
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